Taxes Consolidation Act 1997 section 531AA

Interpretation (Part 18C)

Section 531AA defines the key terms used throughout Part 18C, which deals with the domicile levy.

• A "relevant individual" is one who is Irish-domiciled, has world-wide income exceeding €1,000,000, Irish income tax liability below €200,000, and Irish property with a market value exceeding €5,000,000 on the valuation date (31 December).
• "World-wide income" is gross income from all sources, including exempt income, ignoring most deductions but allowing a deduction for spousal or civil partner maintenance payments made under legally enforceable arrangements.
• "Irish property" means all property situated in the State to which the individual is beneficially entitled in possession on the valuation date, but excludes shares in trading companies or in holding companies whose value derives principally from trading subsidiaries.
• An individual is deemed to own property transferred at undervalue to a spouse, minor children, a discretionary trust, or a foundation on or after 18 February 2010, subject to certain exceptions for maintenance arrangements and exclusively charitable trusts or foundations.

---